South Korea's economy shrank more than three percent in the second quarter due to the economic fallout of the COVID-19 pandemic.

The Bank of Korea said on Tuesday that the country's real gross domestic product contracted three-point-two percent in the April to June period from the previous quarter.

The economy shrank for the second consecutive quarter and the three-point-two percent contraction marks the biggest on-quarter drop since the fourth quarter in 2008 during the financial global crisis. 

But the reading marks a slight increase from an earlier estimate of a three-point-three percent contraction predicted in July. 

From a year earlier, the economy shrank two-point-seven percent, also a rise of point-two percentage points from an earlier estimate.

Exports, which account for around 44 percent of the Korean economy, plunged 16-point-one percent on-quarter in quarter two, while imports dropped six-point-seven percent.